Following the implementation of VAT in the UAE, there is a growing trend of externally reviewing in-house accounting and bookkeeping functions. Management seeks independent assurance that the accounting function operates smoothly, without errors, and in accordance with best practices. If, for any reason, you prefer not to fully outsource your accounting function, you can still partially enjoy the benefits of outsourcing by appointing us to review your accounting and bookkeeping functions. This can bridge the gap between your in-house accounting expertise and the required level. The scope of supervisory work can vary from one engagement to another, as mutually decided with management, but typically includes reviewing monthly balance sheets, profit and loss statements, trial balances, and ledgers, as well as VAT, substantiating these with underlying transactions and documents. Such reviews can be conducted periodically, with monthly or quarterly reviews being the most suitable options.
At JASM Accountants LLC, we recognize the critical role that preparing and maintaining timely and accurate records and books of accounts play in the success of every business. This practice is not only essential for fortifying the current state of the business but also ensures optimal outcomes for its future. The role of the Accounting Supervisor is crucial in guaranteeing the proper recording and management of accounting records. Virtual Accountants takes pride in providing our valued clients with a diverse range of effective accounting supervision services that align with the client's primary objective of maintaining up-to-date business records.
Extensive Range of Accounting Supervision Services
JASM Accountants LLC provides a comprehensive array of accounting supervision services to our valued clients, including:
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- Thorough review of books of accounts with the necessary supporting documents.
- Ensuring timely recognition of revenue transactions in accordance with accounting principles
- Analyzing business sales from various perspectives, considering contributions from products and services.
- Proper documentation of company payments.
- Monitoring whether payments are recorded on an accrual basis, with a thorough cut-off procedure at the end of each month.
- Reconciliation of various accounts, including customer accounts, bank accounts, and supplier accounts.
- Accurate record-keeping and recognition of prepayments, advances, unearned income, and more by meticulously verifying associated accounting records or transactions
- Monthly review and preparation of financial reports, including issuance to management, encompassing financial ratio analysis, financial statements, and analysis on working capital, marginal safety, and more.
Key Competencies and Strengths
As a prominent and trustworthy provider of accounting supervision services, JASM Accountants LLC takes pride in delivering a variety of value-added and proficient services, setting us apart from competitors in the market. These key services and competencies encompass:
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- Financial savings on behalf of clients
- Addressing compliance-related issues on behalf of clients
- Developing a comprehensive understanding and analysis of key aspects of clients’ businesses
- Providing effective, innovative, and affordable solutions to business processes
- Offering in-depth market knowledge and extensive industry experience to meet client’s needs
Major Benefits of Having Accounting Supervision Services Provider On-Board
Key Advantages of Employing Accounting Supervision Services Having a proficient and valuable accounting supervisor service provider overseeing the fundamental business processes, especially the financial aspect, is crucial for the progress and financial stability of a business. Proper, timely, and accurate management of books of accounts and other financial statements can shield the business from various complexities and challenges it might otherwise face. Engaging accounting supervision services, such as those offered by JASM Accountants LLC, provides numerous benefits, considering the challenges and concerns of the client’s firm as its own. These benefits may include:
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- Timely and accurate maintenance of business records
- Ensuring convenient and straightforward day-to-day execution of business matters
- Preventing the unnecessary wastage of financial resources
- Enhancing the reliability and trustworthiness of the business
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With years of experience in the business industry, JASM Accountants LLC takes pride in managing every aspect of the customer’s business, including the development, modification, and implementation of various accounting services tailored to the business’s needs. Through professional accounting supervision services, clients can easily enjoy the advantages of outsourced accounting services while keeping the books of accounts within the organization. This dynamic solution helps clients safeguard themselves against potential risks or negative outcomes resulting from the failure of books of accounts to comply with binding requirements and regulations. The team of professional and dedicated accounting experts at JASM Accountants LLC ensures the maximum level of client satisfaction by delivering excellent quality services and standardized solutions to meet the unique needs of each client.